INVESTMENTS

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Marketable securities

Marketable securities consisted of the following as of September 30, 2024 (in thousands):


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. treasury securities	$	133,454	$	300	$	—	$	133,754
Commercial paper	36,023		59		(2)		36,080
Corporate notes and obligations	199,336		780		(17)		200,099
Total marketable securities	$	368,813	$	1,139	$	(19)	$	369,933

Marketable securities consisted of the following as of December 31, 2023 (in thousands):


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. treasury securities	$	128,479	$	124	$	(27)	$	128,576
Commercial paper	47,415		1		(35)		47,381
Corporate notes and obligations	139,747		61		(128)		139,680
Time deposits	4,525		—		(1)		4,524
Total marketable securities	$	320,166	$	186	$	(191)	$	320,161

The following table summarizes the estimated fair value of investments classified as marketable securities by contractual maturity date (in thousands):


	September 30, 2024		December 31, 2023
Due within 1 year	$	317,650	$	320,161
Due in 1 to 2 years	52,283		—
Total marketable securities	$	369,933	$	320,161

During the nine months ended September 30, 2024 and 2023, there were maturities of marketable securities of $371.7 million and $287.6 million, respectively. During the nine months ended September 30, 2023, there were sales of marketable securities of $5.5 million. There were no sales of marketable securities during the nine months ended September 30, 2024. Realized losses on sales of marketable securities are recorded in other expense, net on the condensed consolidated statements of operations and comprehensive loss. Such losses were immaterial during the nine months ended September 30, 2023. There were no impairments of marketable securities during the nine months ended September 30, 2024 or 2023.

Strategic investments

Strategic investment activity during the nine months ended September 30, 2024 is summarized as follows (in thousands):


	Equity Securities		Limited Partnerships		Available-for- Sale Debt Securities		Total
Balance as of December 31, 2023	$	7,179	$	3,986	$	362	$	11,527
Interest accrued on available-for-sale debt securities	—		—		6		6
Purchases of strategic investments	498		1,419		—		1,917
Unrealized gain (loss) on strategic investments	671		(30)		—		641
Impairment of strategic investments	(184)		—		—		(184)
Balance as of September 30, 2024	$	8,164	$	5,375	$	368	$	13,907

Strategic investment activity during the nine months ended September 30, 2023 is summarized as follows (in thousands):


	Equity Securities		Limited Partnerships		Available-for- Sale Debt Securities		Total
Balance as of December 31, 2022	$	7,286	$	3,402	$	355	$	11,043
Interest accrued on available-for-sale debt securities	—		—		5		5
Purchases of strategic investments	—		526		—		526
Unrealized loss on strategic investments	—		(155)		—		(155)
Balance as of September 30, 2023	$	7,286	$	3,773	$	360	$	11,419

Strategic investments are recorded in other assets on the accompanying condensed consolidated balance sheets. As of September 30, 2024, in connection with the Company’s investments in limited partnerships, it has a contractual obligation to provide additional investment funding of up to $7.2 million at the option of the investees.